$11 Billion Ethereum Inflows Are Pushing Shiba Inu's Price Up
According to a report by Sentora (formerly IntoTheBlock), Shiba Inu’s (SHIB) price gained 60% in July and14% in early August of this year. The price surge came in tandem with increased institutional inflows into Ethereum (ETH). Reports highlight that corporate treasuries hold 3,040,000 ETH, valued at $11.32 billion. According to the report, “ SHIB’s resurgence appears linked to inflows from US-based corporates acquiring ETH. “ Will Ethereum Inflows Further Push Shiba Inu’s Price? Source: Unsplash According to Sentora, “ Corporate investors’ demand for crypto treasuries has largely centered on Ethereum, Solana, and Bitcoin. ” However, the report notes that on-chain metrics show a surge in Shiba Inu acquisition. Shiba Inu (SHIB) launched its layer-2 network, Shibarium, in 2023. However, at its core, SHIB is still an ERC-20 token based on the Ethereum blockchain. The Shibarium network is built on Ethereum. This core connection between Shiba Inu and Ether...